Repo Law Changes

Governor Brown signed Assembly Bill (AB) 1859 (Gallagher) into law on September 23, 2016. This bill removes debt collection from the qualifying experience required to take the qualified manager examination.

The bill also clarifies that the terms “repossession order” and “assignment” may be used interchangeably for the purposes of describing any written authorization to repossess collateral.

AB 1859 goes into effect on January 1, 2017. Click here to view the bill.